Tuesday, March 19, 2013

Authoritarians On The Rise

Asia and Europe have not bounced very impressively from the gap lows yesterday. The vote in Cyprus is due to take place today at 12pm EST, but could easily be postponed if they do not have the votes to pass it, and it doesn't seem like they do.

Even as I'm writing this there is chatter from local news in Cyprus that the vote will be Wednesday. The point is it's not over, and neither is the pattern, up or down.

So lower lows may happen, and higher highs may too.

1533 remains an important Fib level. And 1567+ is still game to the upside. My goal is to wait for a tradable low or high, because currently, the markets are "in the middle" and I don't like to put on many trades there. A few puts or call intraday day, yes, but tough to tell until the market provides the set up. And realize that many of the best set ups don't occur until the afternoon.

Until then, patience is key.

So is the realization that no matter how the vote ends up in Cyprus, it represents a sea change in how governments view private assets. It's very dangerous stuff, even though it's occurring on a "tiny island."

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